With technology and e-commerce, retail is no longer limited by borders. You can partner international e-commerce platforms and other industry partners to reach global consumers in markets such as China and Indonesia. Find out more about opportunities overseas and how Enterprise Singapore can help you go global.
By 2022, 85% of China’s households will be urbanised as quality of jobs and income rise. Urban consumers are also spending more, with consumption growing at 12%. The availability of such a huge market presents many opportunities for companies in the retail sector.
Online shopping is very popular among the Chinese population, with cross-border e-commerce revenue to reach US$300b in 2025. Singapore retail companies can use e-commerce to break into the market.
The rise of automated retail stores in China, as part of the “New Retail” transformation of traditional retail, presents many opportunities for retailers to innovate and generate new growth opportunities.
Check out the potential of the China market.
Over half of the population will be middle class and affluent by 2020. Rising consumption fuelled by modern lifestyle has seen spending on consumer goods increasing. Singapore retail companies can capitalise on this.
In recent years, modern retail has grown more rapidly than traditional retail. Grocery retail sales is estimated to reach US$100 billion by 2019. As modern retailers can feature a wider range of products to target affluent consumers, this signals potential for companies to enter the market profitably.
In 2016, Indonesia announced that up to 50 sectors – including the e-commerce and retail sectors – will be open to foreign investment. The government is also aiming to boost infrastructure development, which will have a positive impact on the retail sector.
Indonesia can be the next destination for your retail business.
The Philippines’ Department of Trade and Industry has launched the Philippine E-Commerce Roadmap 2016 – 2020, with an aim for e-commerce to contribute 25% to the country’s GDP. This presents many opportunities for companies to move into e-commerce.
Philippines is now home to three of the world’s largest shopping centres based on floor area: SM City North Edsa, SM City Mall of Asia and SM City Megamall. In addition, about eight major new malls or mall expansions were slated for completion in 2016. With the construction of so many shopping malls in the Philippines, this opens many doors for companies to bring their businesses into the country.
Driven by higher economic growth and a stronger purchasing power, modern retail in the Philippines is growing rapidly. It is estimated that by 2020, the total retail value of the country will increase by US$20 billion to US$94 billion3 (HKTDC, 2017). Already, major retailer brands like Zara and H&M are already establishing themselves in the market.
Explore the Philippines as a potential market for your retail business here.
Vietnam has all the favourable conditions for the expansion and growth of the retail sector: an impressive GDP growth rate, political stability, a young population, a rising middle class, increasing disposable incomes, fast-paced urbanisation, rising living standards, a high literacy rate, and a strategic location. This guide details how you can capture retail opportunities in the country. GDP per capita has reached US$2,341 (S$3216), while private consumption is expected to grow by at least 6% each year in 2018 and 2019.
Young and increasingly sophisticated Vietnamese consumers are seeking foreign brands, though demand for most imported consumer goods and services is still concentrated in larger cities such as Ho Chi Minh City and Hanoi where incomes are considerably higher than the national average. Vietnam’s retail scene is vibrant, with the development of numerous new retail malls.
With favourable conditions in place for the retail sector to continue growing, here’s a detailed guide on how your business too can capture the growing retail opportunities in Vietnam.